Teachers Building Society for Intermediaries (TFI) has increased the maximum loan-to-value (LTV) limits to 95% for both new-build houses and flats.

The change means eligible borrowers purchasing a new-build property can now access lending up to 95% LTV, subject to providing a minimum 5% deposit from their own funds or a gifted deposit.

Alongside the LTV increase, TFI has also updated its approach to floor-height restrictions on blocks of flats.

For properties completed from 2025 onwards, there will be no longer be floor-height restrictions on lending up to 80% LTV.

Where borrowing exceeds 80% LTV, lending will be considered on properties within blocks of up to 12 storeys.

For properties completed before 2025, lending criteria remain unchanged, with applications restricted to properties located in blocks of up to six storeys.

Meanwhile, for those working in the education profession, borrowing of up to 95% LTV on new build properties can also be combined with the mutual’s up to seven time joint income lending proposition.

For those working outside the education industry the society can lend a maximum of five times joint salary.

Teachers for Intermediaries chief commercial officer David Leek says: “We know that new-build properties continue to play an important role in addressing housing demand and remain an attractive prospect for time-poor first-time buyers who may not have the skills or support to complete renovation works to older homes.”

“By increasing our maximum LTV to 95% on both new-build houses and flats, we’re able to support more borrowers who may have limited deposits but strong affordability.”